Previous shareholder Warner Bros Discovery has sold its stake in the channel, giving more control to the Dubai-based Legatum Ventures.
Warner Bros Discovery, owner of CNN, among other news channels, said it had evaluated its global and local investment portfolio following its merger. As a result, it’s sold its £60 million investment, giving the channel’s other shareholders Legatum Ventures, based in Dubai, and its chairman Sir Paul Marshall, full control.
Legatum is a hedge fund investment company. It also sponsors the Legatum Institute think tank.
Legatum in turn controls the UK company ‘All Perspectives Limited’, which is the official holder of the Ofcom broadcast licence for GB News.
GB News is currently battling it out with News UK’s TalkTV to establish itself among long-established news channels in the UK. On Wednesday 24th August, GB News moves to Virgin Media channel 604.